Eliminating federal taxes on Olympic Medals

By Vanessa Johnson

Eliminating federal taxes on Olympic Medals

August 1, 2012 Updated Nov 1, 2013 at 11:32 AM CDT

WASHINGTON, DC -- The discussion over taxes is expanding into the Olympic games in London.

Wednesday, Illinois Congressman Aaron Schock and Florida Senator Marco Rubio introduced companion legislation to eliminate federal taxes on Olympic Medals.

Olympic medalists receive honorariums: cash payments of $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

The IRS collects 35 percent of those respective earnings.

Schock says the tax penalizes athletes and illustrates how badly tax reform is needed.

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